Although most of us might day-dream about winning the lottery or suddenly inheriting a million dollars from a mysterious benefactor, the reality is that accumulating wealth takes time, patience, self-discipline, and intentional planning for the future.
Even Nature reveals this pattern. A huge oak tree doesn’t spring up overnight. It grows and develops over time. In the same way, the path to financial freedom and living life on your terms requires a clear roadmap. This brief guide will help you see the big picture, so you can take the right steps now, in order to live well in your desired future.
Real estate investing is my favorite investment tool. I love it because during market corrections, if you buy right, it prevents you from needing to cash out. Instead, you can protect your financial future with rental income (the “dividend” of your investment), rather than relying on the value of the real estate.
All of us understand the power of real estate investing and, if done right, the rental income can ultimately fund your life.
Sadly though, this takes time …
But that doesn’t mean you can’t enjoy the real estate ride!
I want to share with you how you can enjoy the journey as you reach different phases in your life.
Rather than letting life pass you by, you can be super-intentional in living your life—so you can live your life the way you want to live it.
That’s why I want to share with you a retirement roadmap that I built. You can build your own or copy mine, but the point is that you will know where you are. You can easily figure out which phase to jump to and why, so you can ultimately reach your vision!
Phase 1 –Build a Strong Platform:
This is where you build financially healthy habits by slashing debt like a ninja and maintaining discipline. You decide to live under your means and monetize your skills as much as possible.
Right after I graduated from university, I had student debt and I was living in one of the most expensive cities in Canada. Rather than accepting that it would take many years to slash this debt, I decided to be creative and to build multiple streams of income.
I found a cheap place to rent and I used my engineering salary to pay for my expenses. The surplus after expenses was invested in whole life insurance and stocks to start a small savings account. I also busted my butt for two years as a tutor and a model to pay off my student debt.
I rental hacked with room mates and paid cheap rent.
Here are a few indicators that you’ve reached this milestone:
– You have no unproductive debt (ex: no student loans, car loans, credit cards)